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Shirts: Companies
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NEW YORK, March 14 /PRNewswire/ — New York based apparel maker Anvil Knitwear announced today the launch of its affordable 100% organic cotton tee shirts. Anvil, the company known for driving innovation from the periphery of the market to the mainstream, has made innovation affordable once again with these new organic products. AnvilOrganic(TM) tee shirts are available in ten colors in sizes XS through 4XL. They have generated overwhelming demand in the market and initially will be distributed through Alpha Shirt Company.
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For fiscal 2007, the Company expects net sales from ongoing operations as adjusted for the newly discontinued Smart Shirts business to range from $1.500 billion to $1.550 billion. This compares to its previous expectation, which includes Smart Shirts, for net sales from ongoing operations of approximately $1.950 billion to $2.0 billion and versus actual net sales from ongoing operations, excluding Smart Shirts, of $1.514 billion in fiscal 2006. The Company is forecasting that operating earnings (gross profit less selling, general & administrative expense before stock option expense, amortization and impairment, restructuring and other non-recurring charges) from ongoing operations will approximate $68.0 million to $73.0 million. This compares to the Company's previous expectation, which includes Smart Shirts, for operating earnings from ongoing operations of approximately $87.5 million to $92.5 million, and versus actual operating earnings from ongoing operations, excluding Smart Shirts, of $64.4 million last year.
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On average, young Americans wear t-shirts five times a week, and own just under two dozen of them. About half of the respondents have purchased a t-shirt online. Buying religious t-shirts online are very popular. Over 1.5 million searches are conducted each month for "Christian t-shirts" (or some variation thereof, like "Jesus shirts"), according to WebSourced, a company that specializes in Internet marketing.
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The Company will post schedules on its website under Investor Relations / Presentations that reflect the results of ongoing operations excluding the Smart Shirts business for each quarter in fiscal 2005 and 2006 and for the first two quarters of 2007. These schedules set forth the various components of the statement of operations for ongoing operations, impairment, restructuring and non-recurring charges, discontinued operations and the repatriation tax benefit included in overall operating results.
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